DALLAS — I think we can all pretty much agree voluntary benefits remain a vital part of your employee benefits package.
So why do only a handful of you offer more than half a dozen voluntary products? Especially when it's clear the whole point of employee benefits plans is to attract and retain a top-notch work force while still controlling costs in a still-staggering economy.
And you're dealing with a more savvy work force than ever before. A couple of the latest surveys show that more than half of your employees want more voluntary benefits. And they know they want — or they at least have a pretty good idea.
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Despite that, less than 20 percent of employers actually plan to bolster their voluntary benefit offerings even though the vast majority of employers only offer one to three voluntary benefits as it is.
And, sure, you're offering up the typical life, disability, and dental and vision products, but so are your competitors. Hope you're not counting on that to put you ahead of the pack, that's only good enough to break even.
So what's on tap as far as other voluntary products? Long-term care, legal and P&C products are the top three products employers are mulling over. (I'm a little surprised critical illness didn't crack that top three, but what do I know…)
Simply put, voluntary benefits remain one of the best deals in the business. They allow you to offer your employees more while letting you keep your costs low. But it's not like cooking pasta. You can't just throw a bunch of products up against the wall to see what sticks.
So what does work?
Well, try talking to your employees. Find out where they are and what they want and get on the same page. Figuring out which products they're actually interested in paying for is half the battle.
Make sure you have a solid provider who's willing — and able — to talk to your employees effectively. Ease of enrollment remains key. You can have the best product in the world, but no one will sign on the dotted line if the enrollment's clunky.
And never underestimate the value — and employee preference for — payroll deduction. There's a reason nine out of 10 employers offer it as a way of paying for voluntary benefits.
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